Gibraltar Capital Management Inc. Raises Holdings in Cummins Inc. (NYSE:CMI)

Gibraltar Capital Management Inc. increased its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 6.7% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 21,658 shares of the company's stock after buying an additional 1,359 shares during the quarter. Cummins comprises approximately 1.5% of Gibraltar Capital Management Inc.'s portfolio, making the stock its 28th biggest position. Gibraltar Capital Management Inc.'s holdings in Cummins were worth $6,789,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of CMI. Signaturefd LLC raised its position in Cummins by 0.9% in the fourth quarter. Signaturefd LLC now owns 3,313 shares of the company's stock valued at $1,155,000 after purchasing an additional 28 shares during the period. Fiduciary Trust Co grew its stake in Cummins by 1.2% during the 4th quarter. Fiduciary Trust Co now owns 2,456 shares of the company's stock worth $856,000 after purchasing an additional 28 shares in the last quarter. Mindset Wealth Management LLC grew its stake in Cummins by 1.7% during the 4th quarter. Mindset Wealth Management LLC now owns 2,076 shares of the company's stock worth $724,000 after purchasing an additional 35 shares in the last quarter. Garrison Point Advisors LLC grew its stake in Cummins by 1.1% during the 4th quarter. Garrison Point Advisors LLC now owns 3,190 shares of the company's stock worth $1,112,000 after purchasing an additional 35 shares in the last quarter. Finally, Ascent Group LLC grew its stake in Cummins by 2.7% during the 4th quarter. Ascent Group LLC now owns 1,417 shares of the company's stock worth $494,000 after purchasing an additional 37 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Performance

Shares of NYSE CMI traded up $2.90 during trading hours on Tuesday, reaching $330.75. The stock had a trading volume of 891,179 shares, compared to its average volume of 774,688. The firm has a market cap of $45.56 billion, a price-to-earnings ratio of 16.46, a PEG ratio of 1.97 and a beta of 1.03. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. The firm has a 50-day moving average of $320.19 and a 200-day moving average of $331.24.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.92 by $1.04. The firm had revenue of $8.17 billion during the quarter, compared to analysts' expectations of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The business's revenue was down 2.7% on a year-over-year basis. During the same period in the prior year, the firm earned $5.08 EPS. Equities research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were given a $1.82 dividend. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.20%. Cummins's dividend payout ratio (DPR) is presently 36.22%.

Analyst Upgrades and Downgrades

Several research firms recently commented on CMI. Evercore ISI lowered their target price on Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a research note on Monday, May 19th. Truist Financial lowered their price objective on Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a research report on Tuesday, April 8th. Citigroup reaffirmed a "buy" rating and set a $360.00 price objective (up from $350.00) on shares of Cummins in a research report on Tuesday, June 24th. Wall Street Zen cut Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. Finally, Robert W. Baird lowered their price objective on Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Cummins presently has a consensus rating of "Hold" and a consensus price target of $358.08.

Insider Buying and Selling

In related news, Director John H. Stone acquired 1,000 shares of Cummins stock in a transaction on Friday, May 16th. The stock was purchased at an average cost of $332.08 per share, with a total value of $332,080.00. Following the purchase, the director directly owned 2,441 shares in the company, valued at approximately $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.41% of the stock is currently owned by corporate insiders.

Cummins Company Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.